Savings Calculator
See how your savings grow over time. Enter your starting balance, interest rate and timeframe, then add regular deposits to watch compound interest work. Compare weekly, fortnightly and monthly contribution scenarios side by side — free, instant, and with no signup required.
Savings Details
Define your account to project growth over time
Fees
Contribution Scenarios
Compare different contribution strategies
4 more scenarios available
End Balance
$20,688.70
Total Contributions
$17,850.00
Interest Earned (Gross)
$2,838.70
Interest Earned (Net)
$2,838.70
Total Fees
$0.00
Net Gain
$2,838.70
Savings Projections
- Weekly deposit
Projected balance over time
Scenario Comparison
| Scenario | Contribution | End Balance | Contributions | Interest (Net) | Fees | Net Gain |
|---|---|---|---|---|---|---|
| Weekly deposit(active) | $50.00/weekly | $20,688.70 | $17,850.00 | $2,838.70 | $0.00 | $2,838.70 |
Savings Schedule
| Month | Date | Opening | Contributions | Interest | Fees | Closing |
|---|---|---|---|---|---|---|
| 1 | 24/10/2026 | $5,000.00 | $200.00 | $19.50 | $0.00 | $5,219.50 |
| 2 | 24/11/2026 | $5,219.50 | $200.00 | $20.32 | $0.00 | $5,439.82 |
| 3 | 24/12/2026 | $5,439.82 | $200.00 | $21.15 | $0.00 | $5,660.97 |
| 4 | 24/01/2027 | $5,660.97 | $250.00 | $22.17 | $0.00 | $5,933.14 |
| 5 | 24/02/2027 | $5,933.14 | $200.00 | $23.00 | $0.00 | $6,156.14 |
| 6 | 24/03/2027 | $6,156.14 | $200.00 | $23.84 | $0.00 | $6,379.97 |
| 7 | 24/04/2027 | $6,379.97 | $250.00 | $24.86 | $0.00 | $6,654.84 |
| 8 | 24/05/2027 | $6,654.84 | $200.00 | $25.71 | $0.00 | $6,880.54 |
| 9 | 24/06/2027 | $6,880.54 | $200.00 | $26.55 | $0.00 | $7,107.09 |
| 10 | 24/07/2027 | $7,107.09 | $200.00 | $27.40 | $0.00 | $7,334.50 |
| 11 | 24/08/2027 | $7,334.50 | $250.00 | $28.44 | $0.00 | $7,612.94 |
| 12 | 24/09/2027 | $7,612.94 | $200.00 | $29.30 | $0.00 | $7,842.24 |
How compound interest works and why it matters
Compound interest is the engine behind long-term savings growth. Each compounding period, the interest your money earns is added back to your balance, and the next period's interest is calculated on that larger amount. In other words, you earn interest on your interest. Left alone, this creates an upward curve that steepens over time — the longer you save, the faster your balance accelerates. That is why starting early, even with a small amount, can matter far more than saving a larger amount later.
The calculator above shows this curve in the projection chart. With a starting balance and a competitive rate, you can see exactly how much of your final balance comes from your deposits versus the interest those deposits earn — and how that split shifts the longer you save.
Simple vs compounding interest, and why frequency matters
Simple interest is calculated only on your original deposit, so the interest earned never earns interest of its own. Compound interest is calculated on your deposit plus all accumulated interest, so your balance grows faster the longer it sits. Almost every Australian savings account uses compound interest — that is what makes them worthwhile.
How often interest compounds also makes a difference. Daily compounding adds interest to your balance more frequently than monthly compounding, so each new slice of interest starts earning its own interest sooner. The gap is small over a single year, but over a decade or two it becomes meaningful. The calculator lets you switch between monthly and daily compounding to see the effect on your final balance.
Regular deposits vs a one-off lump sum
A single lump sum benefits from compound interest from day one, but most savers build their balance with regular deposits — and the frequency of those deposits changes the outcome. Weekly deposits grow your balance faster than monthly deposits of the same total amount, because each deposit starts earning interest sooner. Over a five or ten year horizon, that head start compounds into a noticeably larger balance.
The scenario builder in the calculator lets you compare a weekly, fortnightly, and monthly contribution side by side, so you can see exactly how much more frequent deposits add to your final balance — and decide what is realistic for your budget.
Why comparing savings account rates and terms matters
Not all savings accounts are equal. Some offer a high headline rate that only applies for an introductory period before reverting to a much lower ongoing rate. Others pay a base rate plus a bonus ratethat only applies if you meet conditions — like depositing a minimum amount each month or making no withdrawals. Fees can also eat into your interest, and some accounts tier their rate so you only earn the top rate on balances up to a certain cap.
Before you commit, compare the ongoing rate (not just the intro rate), check the conditions for any bonus interest, and factor in account fees. The calculator above lets you model bonus interest and fees so you can see the real, net growth of each account you are considering — not just the advertised rate.
Savings calculator FAQs
How is compound interest calculated?
Compound interest is calculated on your balance plus all the interest that has already been added to it. Each compounding period — monthly, daily, or whatever your account uses — the interest earned is added to your balance, and the next period earns interest on that larger balance. The formula is A = P(1 + r/n)^(nt), where P is your starting balance, r is the annual rate, n is how many times a year it compounds, and t is the years. The calculator above runs this for you, including regular deposits.
How much will my savings grow over 5 years?
It depends on your starting balance, interest rate, compounding frequency, and how much you add regularly. As a rough example, $5,000 earning 4.5% p.a. compounded monthly with no extra deposits grows to about $6,254 after 5 years — roughly $1,254 in interest. Add $50 a week and the balance climbs past $19,000, with more than half of the growth coming from your deposits and the interest they earn. Use the calculator above to plug in your exact numbers.
What's the difference between a savings account and a term deposit?
A savings account lets you add and withdraw money freely, and the interest rate is usually variable — it can change at any time. Many also offer bonus interest if you meet conditions like a minimum monthly deposit. A term deposit locks your money away for a fixed period (say, 6 or 12 months) at a fixed interest rate, so you know exactly what you will earn, but you usually cannot add to it or access the funds without a penalty before the term ends.
Does this calculator account for tax on interest earned?
Yes. Interest earned on savings is considered taxable income in Australia and must be declared at tax time. The calculator has an optional "Tax on Interest" setting under the Bonus Interest & Tax section — turn it on and enter your marginal tax rate to see your net balance after tax is deducted from the interest earned each period.
How often should I add to my savings for the best growth?
More often is almost always better, because each deposit starts earning compound interest sooner. Weekly deposits grow your balance faster than monthly deposits of the same total amount, because the money is working for you earlier. Even small, regular amounts make a big difference over time — the calculator above lets you compare weekly, fortnightly, and monthly contribution scenarios side by side.
Does the compounding frequency really make a difference?
Yes, especially over longer timeframes. Daily compounding earns slightly more than monthly compounding at the same annual rate, because interest is added to your balance more often and starts earning its own interest sooner. The difference on a single year is small, but over 10 or 20 years it adds up. The calculator lets you switch between monthly and daily compounding to see the effect on your balance.
How much interest will I earn on $10,000 in a savings account?
At 4.5% p.a. compounded monthly, $10,000 earns about $450 in the first year and grows to about $15,690 after 10 years with no extra deposits. Add $50 a week and it grows to roughly $44,000 over 10 years. Use the calculator above to model your own rate, deposits and timeframe.
How long does it take to save $50,000?
Saving $200 a week at 4.5% p.a. you'd reach $50,000 in about 4 years and 4 months. At $100 a week it takes roughly 7 years and 9 months. The calculator shows the exact date your target balance is reached for any deposit amount and rate.
Is $500 a month enough to build real savings?
Yes — $500 a month at 4.5% p.a. grows to about $75,500 after 10 years, with more than $15,000 of that coming from interest. Starting early matters far more than the amount: the calculator above lets you compare weekly, fortnightly and monthly contributions to see what's realistic for you.
Ready to model your numbers?
Head back to the full MoneyLens toolkit to compare loan and savings scenarios side by side, or learn more about why MoneyLens is built without bank bias.